§ 51182
79 words·~1 min read·
/ca/health-and-safety-code/51182A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The agency shall determine the manner in which subordinated loans are to be repaid. Potential methods of repayment may include, but not be limited to:
(a)An interest payment of 3 percent to be made from the positive cash flows of the project before payment to any other equity investor or mortgage loan holder is made.
(b)Repayment upon conversion or the term of the bond, whichever is less, to the state, including an interest payment of 3 percent.